- BTC trades near $95K with $93K support and $109K resistance as consolidation continues
- A triangle pattern forms as BTC hovers above the crucial 20-week moving average at $92K
- Investors are positive about BTC reaching higher levels in 2025, hitting as high as 250K
Bitcoin has spent the entire month of February in a consolidation phase, with price action severely limited between Fibonacci levels. As of February 24, BTC trades at $95,815, and shows a decline of 0.46% from its previous close. The month began with BTC sticking around 38.20% at $101,134 but failing to breach the resistance at $109,246—the 23.60% retest zone. This persistent inability to break obstacles highlights market uncertainty and waning positive momentum.
Source: Tradingview
Throughout February’s first three weeks, BTC’s price oscillated between $93,000 and $101,000. This tight range reflects a stabilization setup. Notably, BTC is testing foundations for nearly $93,000, with the bands showing a narrowing formation. The upper band sits at $114,349 and the lower band at $70,106 while the 20-week simple moving average stands at $92,228. BTC holding above this median line could indicate short-term resilience, while a close below may signal downside risk toward 61.80% at $88,022.
Bollinger Bands Tighten As Symmetrical Triangle Emerges
A symmetrical triangle has formed, hinting at an imminent breakout. The resistance trendline restricts momentum, while the support aligns with the 50% Fibonacci level at $94,578. This convergence has traders anticipating a decisive move. A spike above $101,134 could propel BTC toward $109,246 and retest the year-high barrier near $114,000. However, a breakdown below $94,000 risks driving valuations to $88,022 or lower, targeting the 78.60% fallback at $78,688.
The MACD is at -1,068, while the signal line reads 7,578 and reflects a downhill repellance. The histogram suggests subtle downward pressure, reinforcing the consolidation outlook. For BTC to regain traction, a positive crossover of the MACD vectors is essential. Without it, the market may lean towards further range-bound progression or downside continuation.
Related: Bitcoin Eyes Breakout as Price Stalls Near Key Resistance
Market Eyes Trump Inauguration High As BTC Stalls Below $110K
At the beginning of this year, the rising pressure sentiment was rampant, with expectations for BTC to break above $110,000. Luckily, the peak of $109,000 occurred on the day of Trump’s inauguration on January 20th, falling short of the much-anticipated milestone. This psychological resistance has proven challenging to surpass, fueling the current consolidation. BTC’s failure to sustain above resistance zones highlights the market’s cautious approach as traders await catalysts.
Considering the situation, market observers speculate whether BTC will climb in 2025. Tom Lee, head of research at Fundstrat, had projected that the token could reach $250,000 in 2025, which can be done by the halving event and a more favorable regulatory environment under the current administration.
A breakout above $109,246 may pave the way toward $120,000 by mid-year, aligning with Lee’s forecast. However, failure to sustain above $92,000 has a high probability of exposing BTC to a retest of the $88,000 support zone. As February concludes, traders remain vigilant, recognizing that this consolidation phase may set the trajectory for BTC in the coming months.
